The Federal Inland Revenue Service (FIRS) has generated N5.5 trillion tax revenue for the nation in the first six months of 2023.
Special Assistant to the Executive Chairman, FIRS (Media and Communication), Johannes Oluwatobi Wojuola, made this disclosure in a statement in Abuja yesterday. Wojuola said this is the highest tax revenue collection ever recorded in the first half of a fiscal year in Nigeria.
The FIRS Executive Chairman, Mr. Muhammad Nami had earlier presented this information to the National Economic Council during a meeting held on July 20th, 2023, at the Presidential Villa in Abuja. The FIRS Wojuola said: “achieved over 100 per cent of its mid-year target of N5.3 trillion for the first half of the year, indicating excellent performance.
Over this period, the Service collected N2.03 trillion in tax revenue from the oil sector and N3.76 trillion from non-oil sectors. “June 2023 saw the highest tax revenue collection ever recorded by the FIRS in a single month, standing at N1.65 trillion”.
Speaking to members of the National Economic Council (NEC), Mr. Nami said: “The impressive performance was due to an increase in voluntary tax compliance from individuals and businesses, as well as the automation of FIRS’ tax administration processes”.
